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LIC Home Loan

LIC Housing Loan 2021

Last Updated 16th Nov 2021

LIC Housing Finance is one of the most popular lender for home loan. Currently, LIC housing finance offers home loans at an interest rate beginning from 6.66%, along with a lower processing fee of Minimum ₹ 10,000 and Maximum ₹ 15,000 for fairly loan tenure of 20 to 30 years., LIC HFL provides various types of housing loan for purchase, construction, repair or renovation of a home and for plot purchase. Some of the popular home loan products offered by LIC housing finance are Loans for Purchase of Plot, Home Repair/Renovation Loan, Home Loan Top Up, Home Loan to Pensioners and Home Extension Loan.

  • Loans for Purchase of Plot - LIC HFL offers loans for the purchase of plots to resident Indians who wish to purchase a plot for undertaking construction activities. One can get LIC plot loans of up to 75% of the property value for a maximum tenure of 15 years.
  • Home Repair/Renovation Loan - LIC housing finance corporation offers home loans for the repair and renovation of a home. The loan can be avail by both salaried and self-employed individuals. A minimum of ₹ 1 lakhs can be borrowed as per this home loan product that is to be repaid between 20-30 years.
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LIC Housing Finance Home Loan Details

LIC offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan LIC

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.66%
Interest Rate Linked To PLR
Processing Fee Minimum ₹ 10,000 and Maximum ₹ 15,000
Lowest EMI Per Lakh ₹ 643
  • Purpose of Loan: LIC house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of LIC Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.66% to 7.80%.
    • LIC home loan EMI per lakh starts from ₹ 643. However, you can calculate your home loan EMI using LIC home loan calculator 2021.
  • Special schemes: LIC offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of LIC Housing Finance Home Loans

Some of the features and benefits of LIC Housing Finance Home Loans are listed as follows:-

  • LIC Housing Finance Home Loan Interest Rate starts from 6.70%.
  • LIC Housing Finance charges a processing fees of Minimum ₹ 10,000 and Maximum ₹ 15,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from LIC Housing Finance is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • LIC Housing Finance allows prepayment of home loans with Nil charges on floating rate loans.
  • LIC Housing Finance has an average customer rating of 3.9/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from LIC Housing Finance?

Getting a home loan from LIC is fairly easy with an online application process. 5 Steps for LIC Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of LIC and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of LIC or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a LIC’s representative will visit your home or office to collect your documents.
  • Step 4: LIC will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from LIC and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

LIC Housing Finance Home Loan Documents Required

To apply for a home loan in LIC, the bank asks you to submit the following LIC Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or LIC account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

LIC Housing Finance Home Loan EMI Calculator

LIC home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. LIC Housing Finance Home loan calculator helps the loan borrower pre-plan their home loan in advance.

LIC Housing Finance Home Loan Eligibility Calculator

LIC Housing Finance Home loan eligibility calculator is an online tool that helps the LIC home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare LIC Housing Finance Home Loan with Other Banks

FAQs

What are the documents required for home loan LIC?

To apply for LIC Housing Finance Home Loan, you will be required to submit LIC home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from LIC Housing Finance ?

Below-mentioned is the reason why you must avail a home loan from LIC

  • PAN India presence
  • Maximum tenure of 30 years
  • Easy loan process and quick approvals
  • Apply for PMAY through LIC Housing
  • Interest rate linked to PLR

Can I apply for an LIC home loan online?

Yes, you can apply for a LIC home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best LIC home loan scheme?

Choosing the best LIC home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best LIC home loan scheme is based on one’s needs.

Is LIC good for a home loan?

LIC is one of the best home loan lenders in the country. Currently, LIC home loan interest rate 2021 starts at 6.50%.

How can I check my LIC home loan status?

One can check their LIC home loan status on LIC’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the LIC mobile app

What is the eligibility for a Home Loan of LIC Housing Finance?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is LIC Housing Finance Home Loan procedure?

There are two methods to complete the application for LIC Housing Finance Home Loan Process online:

  • Apply online at LIC Housing Finance official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under LIC Housing Finance house loan?

LIC Housing Finance offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Does LIC Housing Finance check CIBIL for home loan?

Yes, to avail home loan from LIC Housing Finance, you must fulfill LIC Housing Finance Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to LIC Housing Finance?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to LIC Housing Finance can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in LIC Housing Finance is PLR . PLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In PLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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LIC Home Loan News - Nov 2021
  • 2021-11-16 : LIC Housing Finance Increases Home Loan Rates
    LIC Housing Finance has revised the home loan interest rate from 6.00% to 6.66%. The processing fee is Rs 10,000 and maximum tenure is 30 years.
  • 2021-09-24 : LIC Housing Finance Announces New Home Loan Rates
    LIC Housing Finance has slashed the home loan rate to 6.66% for loans up to Rs 2 crore. These rates will be offered to the borrowers who have a credit score above 700 and it is valid till November 30, 2021.
  • 2021-09-07 : LIC Housing Finance Partners with IPPB for Home Loans
    India Post Payments Bank (IPPB) and LIC Housing Finance announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB. IPPB will make LICHFL home loan products accessible to its customers pan-India.
  • 2021-07-06 : LIC Housing Finance vies for home loan pie with an interest rate cut
    LIC Housing Finance has cut its minimum home loan rate from 6.90% to 6.66%, signalling its intent to join the battle for market share based on low rates. This is a limited period offer applicable to loans sanctioned till August 31, 2021, provided the first disbursement takes place before September 30, 2021. This interest rate is available on tenures of up to 30 years. It will apply to loan amounts of up to Rs 50 lakh offered to salaried individuals.
  • 2021-03-30 : LICHFL to waive off 6 EMIs under Griha Varishta
    LIC Housing Finance announced that it will waive off the 6 EMIs for its customers under the home loan product, Griha Varishta. The waiver will be offered against the 37th, 38th, 73rd, 74th, 121st and 122nd EMIs when they become due, and adjusted against the outstanding principal. Griha Varishta is a product that caters to retired or serving employees of public sector insurers, central and state government, railways, defence and banks, among others.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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